Study on designing institutions to securitize Kyoto mechanisms
| Project/Area Number |
15510022
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Environmental impact assessment/Environmental policy
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| Research Institution | The University of Tokyo |
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Principal Investigator |
MATSUHASHI Ryuji The University of Tokyo, Graduate School of Frontier Sciences, Professor, 大学院新領域創成科学研究科, 教授 (80229517)
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| Co-Investigator(Kenkyū-buntansha) |
YOSHIDA Yoshikuni The University of Tokyo, Graduate School of Frontier Sciences, Associate Professor, 大学院新領域創成科学研究科, 助教授 (30302756)
NOMURA Akira The University of Tokyo, Graduate School of Engineering, Technical officer, 大学院工学系研究科, 技術専門職員 (60436540)
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| Project Period (FY) |
2003 – 2006
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| Project Status |
Completed (Fiscal Year 2006)
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| Budget Amount *help |
¥3,800,000 (Direct Cost: ¥3,800,000)
Fiscal Year 2006: ¥400,000 (Direct Cost: ¥400,000)
Fiscal Year 2005: ¥1,000,000 (Direct Cost: ¥1,000,000)
Fiscal Year 2004: ¥1,200,000 (Direct Cost: ¥1,200,000)
Fiscal Year 2003: ¥1,200,000 (Direct Cost: ¥1,200,000)
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| Keywords | Kyoto Mechanisms / Government purchase / Upfront payment / Payment on delivery / CDM bond / Securitization / Varying price / Fixed price / 排出権取引 / ファイナンス / リアルオプション / コンジョイント分析 / 初の商品化 / モンテカルロシミュレーション / 排出権 |
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| Research Abstract |
CDM is expected to facilitate technology transfer from developed to developing countries as well as to economically reduce greenhouse gas emissions. In this research, we explored effective institutions to activate CDM projects. For this purpose, real option theory is applied to investment in CDM. Next we estimated profit rates for feasibility studies of 42 CDM or JI projects, taking account of volatilities in price of CER, certified emission reduction. Profitability and standard deviations in the project assets were quantitatively estimated, using Monte-Carlo simulations. Referring CERUPT, we quantified the effect of the institution, which accelerate investment in the CDM projects. Finally, we investigate the scheme of CDM bond, which is to securitize finance of CDM projects. Activation of CDM was concluded to depend upon how to lower risks accompanying the projects.
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Report
(5 results)
Research Products
(27 results)
